Bharat Tech Fund

Bharat Tech Fund is a scheme of Bharat Tech Fund Trust, a SEBI-registered Category II Alternative Investment Fund (AIF), managed by Piper Serica Advisors Pvt. Ltd. The fund focuses on growth-stage Indian technology companies operating across sectors with differentiated intellectual property, validated technology, commercial traction and opportunities for scalable growth.

The investment strategy spans seven technology themes: SpaceTech, Defencetech, Semiconductors, Advanced Electronics, Artificial Intelligence, Fintech Infrastructure and Life Sciences. Through investments in selected growth-stage businesses, Bharat Tech Fund aims to build a diversified portfolio of technology-led companies with identifiable enterprise or institutional customers, large addressable markets and credible pathways to revenue growth and profitability.

ALTPORT provides investors with access to fund information and documentation to help them understand the strategy, structure, investment approach and associated risks.

Fund Snapshot

Fund terms are presented for informational purposes and should be read alongside the fund's Private Placement Memorandum, Contribution Agreement and Indenture of Trust. The stated target gross IRR is not guaranteed.

Investment Strategy

Bharat Tech Fund invests primarily ingrowth stage technology businesses with meaningful business, validated technology and demonstrated commercial traction. It targets companies with differentiated IP, identifiable enterprise or institutional buyers, large addressable markets and a credible path to repeatable revenue growth and profitability.

The portfolio will be diversified across defence, SpaceTech, semiconductors, advanced electronics, AI, Life sciences, cybersecurity and fintech infrastructure. Typical investment sizes range from ₹25–50 crore, with portfolio construction designed to avoid single company dependence. The team focuses on disciplined valuations, strong unit economics, capital efficiency, governance and exit planning from the outset."

Sectors Covered by Bharat Tech Fund

Bharat Tech Fund focuses on seven major technology themes. These sectors represent areas where specialised technology, intellectual property, commercial adoption and long-term industry requirements may create opportunities for growth-stage businesses.

1. SpaceTech

India's space ecosystem includes opportunities across satellite infrastructure, launch technologies, space data and supporting services. Bharat Tech Fund's SpaceTech focus includes businesses developing technology for commercial, institutional and industrial applications.

Potential areas of interest include:

• Small-satellite launch and rideshare services
• In-orbit services
• Launch vehicles and propulsion systems
• Spacecraft systems and components
• Earth-observation platforms
• Satellite communications and IoT
• Mission-control systems and space-data platforms

2. Defencetech

Defencetech encompasses technology-driven solutions supporting defence, surveillance, communications and operational capabilities. The sector includes specialised hardware and software designed for demanding security and defence applications.

Potential areas of interest include:

• Unmanned systems
• Autonomous ground, aerial and subsea vehicles
• Command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) platforms
• Secure communications
• Signals intelligence
• AI-driven battlefield intelligence

The investment focus is on businesses with differentiated capabilities, credible customer requirements and the potential to scale their products and technologies.

3. Semiconductors

Semiconductors form a foundational layer of modern electronics, computing and industrial technology. Opportunities may arise across chip design, semiconductor components, manufacturing support and specialised tools.

Potential areas of interest include:

• Fabless chip design
• Assembly, testing, marking and packaging (ATMP) and outsourced semiconductor assembly and test (OSAT)
• Compound semiconductors
• Power electronics
• Semiconductor materials
• Chip-design intellectual property
• Electronic design automation (EDA) tools
• Semiconductor capital equipment and testing

The sector requires specialised expertise, substantial technical capability and an understanding of industry-specific development and commercialisation cycles.

4. Advanced Electronics

Advanced Electronics covers technologies that support computing, industrial automation, connected devices, electric mobility and next-generation hardware systems.

Potential areas of interest include:

• Compute infrastructure
• GPU clusters and data centres
• Power electronics
• Electric vehicle components
• Embedded systems
• IoT hardware
• Quantum hardware
• Optical computing

Businesses in this category may serve enterprise, industrial and infrastructure customers where reliability, technical differentiation and performance are important considerations.

5. Artificial Intelligence

Artificial Intelligence is increasingly being applied across enterprise workflows, industrial processes, data infrastructure and public-sector applications. The investment theme encompasses businesses building AI-native products as well as technologies that support the deployment and operation of AI systems.

Potential areas of interest include:

• AI-native systems
• Industry-specific AI applications
• AI inference infrastructure
• Deployment and orchestration tools
• Data and AI layers
• Enterprise and public-sector applications

The focus is on understanding the commercial problem being addressed, the durability of the technology advantage and the potential for sustainable business growth.

6. Cybersecurity and Fintech Infrastructure

Digital businesses and financial institutions require reliable infrastructure for secure transactions, data management, compliance and financial services delivery. This theme includes technology that supports the functioning and expansion of digital financial systems.

Potential areas of interest include:

• Digital public infrastructure
• UPI, Account Aggregator and OCEN ecosystems
• Credit and underwriting platforms
• B2B financial infrastructure
• Banking and compliance technology
• Wealth and insurance platforms
• Cybersecurity solutions supporting digital systems

The strategy seeks to identify businesses addressing structural technology requirements across financial services and related digital infrastructure.

7. Life Sciences

Life Sciences includes technology-enabled healthcare and biotechnology opportunities where scientific research, diagnostics and precision-based approaches may support the development of specialised products and services.

Potential areas of interest include:

• Biotechnology
• Diagnostics
• Precision medicine

Companies in this sector may require specialised scientific expertise, regulatory understanding and sustained product development. Commercial viability, technical validation and the ability to scale are important considerations when assessing opportunities.

These seven areas are identified as Bharat Tech Fund's focus sectors. Actual investment allocations and portfolio exposure may vary in accordance with the fund's investment mandate and available opportunities.

Piper Serica Angel Fund (Fund 1) Track Record

Bharat Tech Fund's investment strategy draws on the experience of Piper Serica's earlier technology-focused investing activities. Fund 1 provides historical context for the investment team's experience in identifying and supporting technology businesses.

Piper Serica Angel Fund (Fund 1)

SEBI Category I AIF | Registration: IN/AIF1/21-22/1028

IRR and MOIC are gross figures. These historical performance metrics relate to Fund 1 and should not be interpreted as projected or expected returns for Bharat Tech Fund.

The presentation states that Fund 1 had also recorded two exits and fifteen follow-on investments within three years.

Select Fund 1 Portfolio Outcomes

The following examples illustrate selected historical portfolio outcomes reported for Fund 1.

These are selected historical case studies, not a representation of the performance of every Fund 1 investment. They do not indicate or guarantee future returns from Bharat Tech Fund.

Investment Sourcing and Due Diligence

Identifying growth-stage technology businesses requires access to relevant industry networks, technical expertise and a structured evaluation process. Piper Serica describes its sourcing and due-diligence framework as drawing on corporate relationships, its investor community, startup evaluations and connections across the technology ecosystem.

The fund presentation highlights the following elements of this network:

• 1,000+ listed corporates tracked
• 2,000+ investors, including family offices, entrepreneurs and domain experts
• 4,000+ startups evaluated
• Access to institutions including IIT Madras, IIT Delhi, IIT Bombay, IISc and IIM Ahmedabad
• Relationships with T-Hub, iDEX and IN-SPACe
• Domain experts and senior technologists supporting technical diligence and sector understanding

The presentation also describes YODA AI as a proprietary AI system evaluating more than 17 parameters and informed by insights from over 4,000 startup evaluations.

These capabilities form part of the sourcing and evaluation framework described in the fund material. Individual investments remain subject to the fund's investment process, diligence findings and applicable approvals.

Portfolio Construction

Bharat Tech Fund plans to build a diversified portfolio across growth-stage technology businesses operating in its seven focus sectors. The fund's stated target corpus is INR 800 Cr, inclusive of a green-shoe option of up to INR 200 Cr.

The fund plans to invest INR 20–50 Cr per company in 20 growth-stage companies, providing capital to selected growth-stage businesses across its technology themes to create a diversified portfolio across sectors, with no more than 25% of investable funds in any single company.

Portfolio construction involves assessing business fundamentals, commercial traction, valuation, unit economics, capital efficiency, governance and the potential for future growth. The objective is to avoid excessive dependence on any single company while allocating capital to selected businesses with differentiated technology and credible commercial opportunities.

The investment team also considers potential exit routes from the outset. These may include secondary transactions, public-market listings or strategic acquisitions, depending on the circumstances of each portfolio company and market conditions.

Portfolio allocations, investment timing and actual holdings may differ from the stated plans. The final portfolio will be governed by the fund's legal documents and investment mandate.

Exit Strategy

Bharat Tech Fund identifies potential exit routes as part of its investment planning. The timing and feasibility of an exit depend on the development of the portfolio company, investor demand, market conditions and the availability of suitable counterparties.

Secondary Sale

A portfolio company investment may be partially or fully sold to another investor, including a later-stage venture capital or private equity fund. The availability and terms of a secondary transaction depend on buyer interest, valuation and transaction conditions.

Initial Public Offering (IPO)

A company with the necessary scale, governance, financial profile and market readiness may pursue a public listing. An IPO is a possible exit route rather than a guaranteed outcome, and its feasibility depends on market conditions and applicable requirements.

Strategic Acquisition

A portfolio company may attract interest from a strategic buyer seeking access to its technology, intellectual property, market presence or capabilities.

Potential factors influencing strategic acquisition interest include:

• Market access
• Technology and intellectual property
• Complementary capabilities
• Management and team strengths

Not every investment will necessarily achieve an exit within a particular period. Exit timing and realised proceeds remain uncertain.

Piper Serica Advisors Pvt. Ltd. — Fund Manager Overview

Piper Serica Advisors Pvt. Ltd. is the Investment Manager of Bharat Tech Fund. The firm describes itself as an India-centric, long-only equity asset manager with experience across public and private markets.

The fund presentation cites INR 1,200+ Cr in assets under management (AUM) and 7+ years of audited alpha generation. Its technology-focused platform had deployed INR 226 Cr across 35 startups, as presented in the fund material.

These figures describe the firm's reported experience and platform as stated in the presentation. They should not be interpreted as a guarantee of future performance for Bharat Tech Fund.

Key Investment Team

Abhay Agarwal — Founder and Fund Manager

Founder and Fund Manager of Piper Serica Advisors. He has 30+ years of experience across public and private markets. He holds an MBA from Jamnalal Bajaj Institute of Management Studies and is a SEBI-certified fund manager.

Rajni Agarwal — Director and Head of Research

Rajni Agarwal has 30+ years of experience in macro research, fund management and industry analysis. She is a former fund manager at SBI Mutual Fund, where she managed the Magnum Debt Fund. Her qualifications include an MMS from Jamnalal Bajaj Institute of Management Studies and an MA in Economics from the Delhi School of Economics.

Ajay Modi — Director, Investments

Ajay Modi has 12+ years of investing experience. He leads Piper Serica's venture capital practice and led the capital raise for Fund 1.

The wider investment platform includes professionals with experience across technology, deeptech, startup investing, portfolio management, research, operations and compliance.

Why Consider Bharat Tech Fund?

Bharat Tech Fund offers a growth-stage investment strategy focused on technology businesses across seven identified sectors. Investors evaluating the fund may consider the following characteristics:

• Growth-stage focus: Emphasis on businesses with meaningful operations, validated technology and demonstrated commercial traction.
• Technology-led opportunities: Exposure to companies developing specialised intellectual property, products and infrastructure.
• Seven investment themes: Coverage across SpaceTech, Defencetech, Semiconductors, Advanced Electronics, Artificial Intelligence, Cybersecurity and Fintech Infrastructure, and Life Sciences.
• Defined investment framework: Attention to valuation discipline, unit economics, capital efficiency, governance and exit planning.
• Portfolio diversification: A stated plan to invest across multiple growth-stage companies, with no more than 25% of investable funds in any single company.
• Experienced investment platform: A team with backgrounds spanning public and private markets, research and technology investing.
• Potential exit routes: Investment planning that considers secondary sales, IPOs and strategic acquisitions.
• Historical experience: Fund 1 provides context on the team's previous technology-focused investments, while remaining distinct from Bharat Tech Fund's future performance.

These characteristics describe the fund's stated structure and approach. They do not establish suitability for every investor or imply a particular investment outcome.

Bharat Tech Fund — Key Risks and Considerations

Bharat Tech Fund is a private-market Category II AIF focused on growth-stage technology businesses. Investors should understand the characteristics of this investment structure before considering a commitment.

Market and valuation risk: Changes in economic conditions, sector developments and investor sentiment can affect company valuations and investment outcomes.

Business and execution risk: Growth-stage companies may face challenges relating to commercialisation, competition, product development, customer acquisition and profitability.

Technology risk: A company's technology may fail to achieve expected performance, adoption or commercial viability.

Liquidity risk: Investments in private companies may be difficult to sell, and investors may not be able to exit when they wish to do so.

Concentration risk: Although the fund intends to diversify across companies and sectors, individual investments may experience significant losses. Diversification does not eliminate investment risk.

Exit risk: Secondary sales, IPOs and strategic acquisitions depend on market conditions, buyer demand and company-specific developments. No particular exit route or timeline is assured.

Performance risk: The stated target gross IRR of 30% is an objective in the fund presentation, not a guaranteed return. Historical Fund 1 performance and selected portfolio-company multiples do not predict Bharat Tech Fund's future performance.

Investors should assess the fund's tenure, minimum commitment, fees, expenses, liquidity limitations and risk disclosures against their own financial circumstances and investment objectives.

Important Disclosures

Offers to invest in this fund are made only through the Private Placement Memorandum, Contribution Agreement and Indenture of Trust of Bharat Tech Fund.

The information on this page is provided for informational and educational purposes only. It is not investment advice, an offer to sell, or a solicitation to buy any securities or fund interests. The terms, objectives and strategy described here should be read alongside the applicable fund documentation, which governs in the event of any inconsistency.

Bharat Tech Fund is a scheme of Bharat Tech Fund Trust, a SEBI-registered Category II AIF (IN/AIF2/26-27/2182), managed by Piper Serica Advisors Pvt. Ltd.

Investments in AIFs involve risk, including the potential loss of capital, illiquidity, valuation uncertainty and the possibility that investment objectives may not be achieved. Past performance does not guarantee future results. The target gross IRR and historical portfolio multiples mentioned on this page are not assurances of future returns.

ALTPORT provides access to fund information and related investor support. Investors should review the applicable fund documents and seek independent professional advice where appropriate before making an investment decision.